9 firms avail of P189-million SSS loans-A A +A
Monday, March 4, 2013
NINE companies were allotted a total of P189.05 million by the Business Development Loan Facility (BDLF) of the Social Security System (SSS) as part of a new project.
Ma. Luz Generoso, SSS assistant vice president for Lending and Asset Management, said the nine companies are service providers, real estate and construction firms, and traders of different products. Each of them received loans ranging from P1 million to P43 million.
These companies are the first batch of companies to benefit from the BDLF of SSS that started in 2012, she added.
Generoso also said 43 new jobs were offered by the companies that availed themselves of the BDLF loan. “This means the program helped our economy because these companies opened jobs for the unemployed citizens in the country.”
The BDLF caters to companies wanting to develop their businesses. It supports other projects of government by expanding on the access of loans, which in turn will improve the economy of the country.
“The amount that the companies will get will serve as additional money for the member-employers of the BDLF,” Generoso said.
Registered micro-business enterprises and companies under single proprietorship, partnership, cooperative and non-government organization and are 60 percent owned by a Filipino may loan from BDLF SSS.
SSS BDLF loans are provided for companies wanting to build a business, develop their sites, purchase another business, improve their company’s facilities, and build or renovate establishments.
One of the program’s advantages is that it allows companies to loan even when they have overdue loans and contributions. Instead, these overdue loans will just be decreased from the total amount of loan a certain company will get.
Landbank of the Philippines, Philippine Veterans Bank, Planters Development Bank, Development Bank of the Philippines, Valiant Rural Bank–Iloilo, Philippine National Bank, and Banco de Oro Unibank Inc. are the accredited banks where companies may claim their SSS BDLF loans. (Julia del Rosario, UPB Intern)
Published in the Sun.Star Baguio newspaper on March 05, 2013.